The week’s biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw a 8.6 percent decline on the LME to $265.00 per metric ton. This comes on the heels of a 1.8 percent increase the week before. The cash price of steel billet saw a 7.5 percent drop-off this week on the LME to $245.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.84) and a low price of CNY 830.00 ($133.24) per dry metric ton. The price of Chinese slab fell 1.7 percent to CNY 3,970 ($637.29) per metric ton after rising 2.0 percent the week before. Following a 0.7 percent increase in the week prior, the price of Chinese HRC fell 3.1 percent last week to CNY 4,120 ($661.37) per metric ton. Chinese coking coal prices held steady from the previous week at CNY 1,790 ($287.34) per metric ton.
The US HRC futures contract 3-month price fell 0.3 percent to $638.00 per short ton after rising 0.5 percent the week before. Closing out the third week of declining prices, the US HRC futures contract spot price dropped by 0.2 percent, finishing at $610.00 per short ton. US shredded scrap remained essentially flat from the previous week at $374.00 per short ton.
Korean steel prices were mixed for the week. Korean steel scrap prices ticked up 2.9 percent over the past week to KRW 360,000 ($331.74) per metric ton. Prices for Korean pig iron remained constant, closing the week at KRW 635,000 ($587.64) per metric ton.
The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.